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Consider a market with the following demand and supply. Demand: Qd = 12G 3P Supply: Gs = 1L'i + 2F Answer all the questions below.
Consider a market with the following demand and supply. Demand: Qd = 12G 3P Supply: Gs = 1L'i + 2F Answer all the questions below. This is a multiple fill-in-the-blank question. All answers will be whole numbers. Do NOT put units, dollar signs, commas, symbols, letters, periods, or anything else. Just enter the number for each answer. Assume the market has no restrictions and reaches the equilibrium {F*, 0*} outcome.. What is the consumer surplus at equilibrium? $ What is the producer surplus at equilibrium? $ Now assume a price control. A price floor of F = 32 is enacted. What is the consumer surplus with this price control? $ What is the producer surplus with this price control? $ What is the deadweight loss with this price control? $
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